LIC New Children’s Money Back Plan (Table No-832) is a Non-Linked Plan uncommonly intended to meet the monetary needs of children. LIC New Children Money Back Plan is a standard premium installment cash back plan. This Plan offer guaranteed return and reward with survival benefits. The Rider Option is accessible for the Policyholder on installment of extra premium.

Key Benefits of Plan

  • The Plan gives the monetary needs of the children with hazard front of the child.
  • Gives hazard spread on the life of child during the policy term and number of survival advantages to meet the different money related needs of children.
  • The Policy holder will get the 20% of Sum Assured as Survival Benefit at 18,20 and 22 years old.
  • Premium waiver advantage guarantees wellbeing of child future if a situation arises of sudden demise of guardians.
  • Loan can be taken against the policy.
  • Twofold tax reductions under segment 80C and 10(10D).

Qualification Criteria

Least Age At Entry8 Years (Completed)
Most extreme Age At Entry55 Years (Nearest Birthday)
Most extreme Maturity70 Years (Nearest Birthday)
Policy Term10-20 years
Least Sum Assured75,000
Most extreme Sum Assured30,000
Policy ModeYearly, Half-Yearly & Quarterly and Monthly (NACH only)
Refund Of Mode Of PremiumYearly-2%

Half-Yearly-1%

Quarterly and Monthly-Nil

High Sum Assured Rebate2,00,000 To 4,95,000 – Nil

5,00,000 To 9,90,000 – 1.25% On B.S.A.

10,00,000 To 14,90,000 – 1.50% On B.S.A.

15,00,000 And Above – 1.75% On B.S.A.

MortgageAfter Payment Of Premiums For At Least 3 Full Years
SurrenderPermitted After 3 Year
RevivalWithin 2 Years Of Lapse

On Death before the beginning of the hazard

In the event that the policy holder(child) passes before the initiation of hazard, all premiums paid barring the additional premium, charges and rider premiums will be returned.

On Death after initiation of a hazard

On the off chance that the policy holder(child) passes on after the initiation of hazard, the chosen one will get following, and the policy will end after that.

  1. Amount Assured
  2. Basic Reversionary Bonus
  3. Last Additional Bonus (assuming any)

Survival Benefit

On Policy Anniversary following the kid is 18 years of age – 20% of Basic Sum Assured

On Policy Anniversary following the kid is 20 years of age – 20% of Basic Sum Assured

On Policy Anniversary following the tyke is 22 years of age – 20% of Basic Sum Assured

Development Benefit

40% of Basic Sum Assured + Simple Reversionary Bonuses + Final Addition Bonus

 

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